Nearly 90% of businesses saw up to 9% of revenue lost due to fraud

A new survey by Veriff has shown that fraud attempts have increased this year, contributing to financial repercussions. Almost 90% of respondents report that their organization saw as much at 9% of revenue lost as a result of fraud. This suggests that companies making $100 million per year could potentially lose $9 million annually from fraud. 

Key findings from the survey include: 

• Nearly 87% report a rise in online fraud as of April 2024. Only 1.19% reported no fraud attempts in a month.
• More than 86% state that customers expect effective fraud prevention capabilities. 
• 79% of CEOs are deploying AI and ML in fraud prevention; meanwhile, almost 78% of United States decision-makers report an increase in the use of AI in fraud attempts. 

According to two-thirds of decision-makers in the U.S., more could be done to protect their organizations from online fraud.